29th Mar 2019 10:58
LONDON (Alliance News) - Kenyan plantation owner Kakuzi Ltd on Friday reported a drop in profit for 2018 due to lower avocado prices.
For the year, Kakuzi posted a pretax profit of KES684.1 million, down 19% from KES849.1 million, despite a 12% increase in sales to KES3.15 billion from KES2.82 billion.
At current exchanges rates, this equates to a pretax profit of GBP5.2 million, compared to GBP6.4 million, and sales of GBP24.0 million, up from GBP21.5 million the prior year.
Kakuzi said the profit drop was due to lower avocado prices, as a result of a very oversupplied market in Europe. This more than offset improvements in macadamia and forestry profits due to increased production and demand for wood products.
Kakuzi declared an annual dividend of 9.00 Kenyan shillings per share, up from 7.00 shillings the year before.
Shares in Kakuzi were untraded on Friday, last quoted at 92.50 pence.
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